Bitcoin (BTC) continues to distract some of its traditional critics from regular financing, as Bloomberg admits that this upward trend is not like 2017.
In a November 27 article, it is known that the post has pessimistically highlighted many Bitcoin calculations that point to an optimistic future despite the price drop of $ 3000 on Thursday.
Bloomberg: The Bitcoin market is much more fluid
Included as evidence of record growth in open interest in bitcoin futures, portfolio targets, non-zero, hash rate and no correlation between bitcoin and other macro assets.
I began to “look at the technology in the market and Wall Street’s growing pursuit of the world’s largest digital currency.”
“And while trading is not always going well, the $ 315 billion digital currency is much deeper and more liquid than it was during the last boom of 2017.”
Bloomberg has pointed to what it describes as “cryptocurrency fanatics” who reject the notion that today’s price rise is another bubble. Among them was Cointelegraph regular Mattie Greenspan.
“It’s different now,” he commented.
“The last time we saw Bitcoin climb so far, blockchain was on the verge of collapse, but there have been improvements in the network since then.”
In a separate interview with Bloomberg TV on Friday, Anthony Trencchev, CEO of the world’s largest crypto lender Nexo, saw bitcoins reach a whole new height by the end of 2020 and added:
“The digital gold list is stronger than ever. If Bitcoin only captured 10% of the total market value of gold, we would immediately hit the $ 50,000 mark. ”
Bloomberg highlights open interest in bitcoin futures among its bullish signals. Source: Bloomberg
BTC macro performance pushes gold
The lack of criticism in the article reflects the growing acceptance of Bitcoin as a real resource, whether the investment interest comes from retail circles or organizations.
The positive picture of cryptocurrency stems in part from the eight-month increase compared with the March crash, where it consistently outperformed other macro-assets. Data from analyst source Skew confirms that even after falling to $ 17,000, Bitcoin’s return to date is 135%, compared to 19% for gold and 12% for the S&P 500.
On the gold side, Mike McGlone, chief strategist at Bloomberg Intelligence, who has long avoided the broader storytelling to be fully optimistic about Bitcoin, believes that institutions will continue to collect cryptocurrencies in the future.
“Does Bitcoin replace gold? Futures and cash flows say yes – higher open interest in futures and investor flows in bitcoin compared to the same fall in gold indicates that the cryptocurrency in our opinion gets an advantage in higher prices. ”
McGlone later added that gold is likely to recover next year, with precious metals as “positive” against a $ 2,000 recovery.
“The fall in support levels at the end of November should provide a basis for further growth in gold prices,” – wrote on Friday.